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Shanghai sees slower growth in real estate loans
By Zhang Fengming |
April 26, 2011, Tuesday
|
Online Edition
Online Edition
GROWTH of real estate loans kept slowing down in Shanghai since last June when the government began to cool the overheated housing market, the local banking watchdog said today.
Banks in Shanghai extended 4.8 billion yuan (US$738 million) of new loans to real estate developers in March, 2.2 billion yuan less than in February, the Shanghai Bureau of the China Banking Regulatory Commission said today in a statement.
Total real estate loans grew 17 percent to 487 billion yuan at the end of March, a drop of 14.8 percentage points from a year ago.
While the central government kept a firm hand on driving out speculation in the home market by curbing housing loans, commercial banks turned to auto loans, credit cards and individual consumption loans as new growth driver.
In March, banks in Shanghai increased individual consumption loans by 2.9 billion yuan, compared with a drop of 166 million yuan in February.
Meanwhile, credit to small and medium-sized enterprises outgrew average loan growth as banks also followed the regulator's directions to support smaller companies that have more difficulty to obtain loans.
Banks in Shanghai extended 4.8 billion yuan (US$738 million) of new loans to real estate developers in March, 2.2 billion yuan less than in February, the Shanghai Bureau of the China Banking Regulatory Commission said today in a statement.
Total real estate loans grew 17 percent to 487 billion yuan at the end of March, a drop of 14.8 percentage points from a year ago.
While the central government kept a firm hand on driving out speculation in the home market by curbing housing loans, commercial banks turned to auto loans, credit cards and individual consumption loans as new growth driver.
In March, banks in Shanghai increased individual consumption loans by 2.9 billion yuan, compared with a drop of 166 million yuan in February.
Meanwhile, credit to small and medium-sized enterprises outgrew average loan growth as banks also followed the regulator's directions to support smaller companies that have more difficulty to obtain loans.
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